Tax Tidbits
Some quick points to consider…

• The 2024 RRSP contribution limit is $31,560, requiring earned income in
  2023 of at least $175,333. The 2025 limit will be $32,490 (requiring earned
  income in 2024 of at least $180,500).
• The annual TFSA contribution limit for 2024 is $7,000.
• The annual interest rate charged by CRA on late tax and installment
  payments has increased to 10% for the first quarter of 2024. Additional
  penalties may apply on underpaid installment payments.
• Over 6,100 audits on COVID-19 wage subsidies have been completed or
  are in progress. In terms of dollar figures, $8.9 billion in claims have been
  audited, and $7.5 billion in claims are currently being audited. Of the audited
  claims, $458 million of claims have been denied.